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Target’s quarterly earnings plunge

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Target reported quarterly earnings that dropped by nearly 90% from a year ago.

"If we hadn't dealt with our excess inventory head on, we could have avoided some short-term pain on the profit line, but that would have hampered our longer-term potential," Chief Financial Officer Michael Fiddelke said. "While our quarterly profit took a meaningful step down, our future path is brighter."

Earnings per share were 39 cents, below analysts' expectations of 72 cents per share.

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